Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

Worldsteel raises forecast for 2017 global steel demand growth

share with twitter share with LinkedIn share with facebook
share via e-mail
04/21/2017 | 02:07pm CEST
FILE PHOTO: Rolls of steel are stacked inside the China Steel Corporation factory in Kaohsiung

Global steel demand will grow more than previously forecast in 2017 due to a recovery in developed economies and accelerating growth in emerging and developing markets, especially Russia, Brazil and India, an industry body said on Friday.

Demand is on course to expand 1.3 percent in 2017 to 1.535 billion tonnes and a further 0.9 percent in 2018 to 1.549 billion tonnes, World Steel Association (Worldsteel) said.

Worldsteel, representing more than 160 steel producers accounting for 85 percent of global production, had forecast in October that demand would rise 0.5 percent this year.

The steel industry, worth about $900 billion a year, is seen as a gauge of the world's economic health.

"We expect that Russia and Brazil will finally move out of their recessions. After the demonetisation shock, the Indian economy is expected to resume growth," Worldsteel said.

"However, China, which accounts for 45 percent of global steel demand, is expected to return to a more subdued growth rate after its recent short uplift," it said in a statement.

Worldsteel expects China's demand for steel to be flat this year at 681 million tonnes and fall 2 percent next year to 667.4 million tonnes as the effects of last year's infrastructure-led government stimulus fade.

By contrast, the group expects steel demand in emerging and developing economies excluding China to grow 4 percent this year to 452.7 million tonnes, and a further 4.9 percent next year to 474.9 million tonnes.

Worldsteel raised its estimate for last year's demand growth to 1 percent from 0.2 percent, primarily because Beijing's infrastructure-led stimulus resulted in a sharper-than-expected increase in China's steel use.

Steel prices have climbed on the back of rising demand and capacity cuts in China, coupled with a spate of anti-dumping measures that knocked Chinese steel exports from record levels of 2015.

According industry consultants MEPS, prices have risen some 45 percent since December 2015, when they had hit 12-year lows.

(Reporting by Maytaal Angel; Editing by Mark Potter and Edmund Blair)

By Maytaal Angel

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
02:50a Dollar recovers from 13-month low on strong PMI readings, Asia stocks subdued
02:45a Oil extends gains as OPEC moves to cap Nigeria output
02:44a WORLD BANK : CSOs serve as bridges to improving delivery and accountability of services
02:34a China's second-half GDP growth seen at around 6.7 percent - official think tank
02:30a Alphabet beats revenue forecast, but warns about rising costs
02:24a BLM BUREAU OF LAND MANAGEMENT : evaluating coal proposal near Hayden
02:19a CALIFORNIA DEPARTMENT OF TRANSPORTATION : (7-24-17) Eastbound/Westbound State Route 129/101 Connector Closed for Three Hours Due to Bridge Construction in San Juan Bautista--Tomorrow Night Only
02:19a CALIFORNIA DEPARTMENT OF TRANSPORTATION : (7-21-17) Castillo Street Project Continues This Morning With Concrete Pour
02:04a NORTHERN IRELAND EXECUTIVE : £168,000 road improvement scheme on Rossdowney Road, Waterside, Derry (external link opens in a new window / tab)
02:04a OFFICE OF GOVERNOR OF STATE OF CALIFOR : Governor Brown to Sign Landmark Climate Bill to Extend California's Cap-and-Trade Program Tomorrow
Latest news "Economy & Forex"